Goldman Sachs analysts say steel prices have bottomed

“Steel and scrap prices in the U.S. have bottomed in our view, Chinese prices are rising, inventories remain low, a weak dollar has brought the U.S. close to being a net exporter and we expect better industrial and auto demand in 2010,” analysts Sal Tharani and David Stevens wrote in a note…

“Although Chinese steel production remains at record levels, the demand from private-property sector, infrastructure and machinery/industrial activity remains very strong, and we are seeing signs of further acceleration,” [the Goldman Sachs analysts] said.